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Volvo S60 Lease Questions

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Comments

  • volvomaxvolvomax Posts: 5,274
    Umm, they are providing special lease rates on the V70R.
    The program we have is good in all markets except NY.
  • volvomax,

    would you be willing to share the basics info on those lease rates? The volvo website never seems to have any information on leases, perhaps designed so you need to visit the dealer.
  • volvomaxvolvomax Posts: 5,274
    Nothing to share. Volvo doesn't have a special lease program for the S60 R, period.
    Maybe in NY state they do, but no where else.
  • A friend is looking at leasing volvo also through US Bank and he wanted to reduce the monthly by putting a downpayment as a cap cost reduction.

    As everyone has posted, I warned him that if in a total or theft incidence, he would lose that money. He should rather put it against the security dep to lower the MF.

    He asked the dealer and they stated US Bank does not take extra security deposits. The dealership further stated that the lease includes GAP insurance, so he would not lose any of his cap cost reduction(downpayment) if he put money down.

    Please advise if this is true?
  • I am considering leasing a 2007 S60 2.5T. Are there any incentives currently. I am not in a big hurry and can wait until summer if that is the better time to lease.
    Also, what is required to maintain the car for the first 3 years assuming 15,000 miles per year. How do insurance rates on Volvo's compare to other cars. THANKS. I have learned a lot already from this forum and look forward to your comments and suggestions.
  • volvomaxvolvomax Posts: 5,274
    downpayment money on a lease is always gone.
    GAP insurance doesn't mean he would get the money back.
    GAP only means that IF the cars value was less than the lease payoff amount the policy would cover that difference.
  • volvomaxvolvomax Posts: 5,274
    while there may be more incentive money at the end of the model year, the residuals will be lower and the selection won't be as good.
    Chances are you won't save much at all by waiting.
  • rriulrriul Posts: 8
    Hi,

    I am new to lease. I went to the local Volvo dealer today to check out the lease deal on S60 that without any options.

    Here is what I got.

    12000 miles/year for 3 years
    $299/month
    Tax: $2131.65 (IL, 6.75% on MSRP)
    Plate: $ 143
    1st payment: $ 299
    ----------------------
    Out of pocket $2573.65

    I have the option to buy the car at the end of lease for $13579.40 or pay $350 to return to dealer.

    Does above figure sound right?

    Many thanks! :blush:
  • Hi rriul. The 2007 Volvo S60 2.5T Base model appears to be the only S60 trim level that there is a special lease on through Volvo Finance right now. Volvo Finance's current buy rate lease money factor and residual value for a 36 month lease of one through Volvo Finance with 15,000 miles per year are an amazingly low .00001 and 46%, respectively. When negotiating your lease on this car, make sure to take the $2,000 lease cash that is currently available on it into account. This cash will help you to negotiate an attractive capitalized cost for your lease.

    I'd be happy to give you my opinion on the specific lease that you were quoted, but you never mentioned this car's MSRP or selling price. Let me know what they are and I'll tell you what I think.

    Car_man
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    Prices Paid Forum
  • qbrozenqbrozen Posts: 16,892
    based on carman's numbers, i can't come anywhere NEAR $299/mo. So it sounds like you are getting a screaming deal.

    Using the .00001 MF and 46% residual, and a selling price of invoice minus $2k rebate on a no-options 2.5T, I come up with a payment of $326 BEFORE tax. Almost $350 after tax. And that's with an even $3k down. You are putting less down and getting a payment $50 under that. Of course, you are talking 12k miles instead of 15k, but that usually only makes a difference of around 2% on the residual, which makes a difference of ~$18/mo. So, assuming carman's numbers are correct, I think you should jump on it. By my calculations, you are getting the vehicle for about $700-$800 UNDER invoice PLUS the extra $2k off.

    I'm hoping to find that deal for my brother-in-law, but I'm seriously doubting I could.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • rriulrriul Posts: 8
    Hi,

    Thanks for the info.

    The dealer uses MSRP $31580 (including destination charge) as the purchase price.

    Thanks.
  • rriulrriul Posts: 8
    Hi,

    I forgot to mention that dealer has $7500 cash back (something around there) on the lease. :blush:

    Thanks.
  • qbrozenqbrozen Posts: 16,892
    OHHHH!!! Interesting. So they aren't using volvo finance, then, if I understand everything correctly. Do you know what money factor and residual you are getting?

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • rriulrriul Posts: 8
    Hi

    After 3 years, the residual is $13579.40 which I assume is the price to buy if I am going to purchase the car at the end of lease. I did not ask for the money factor.

    Thanks.
  • qbrozenqbrozen Posts: 16,892
    So that's a 43% residual, which is actually lower than volvo finance's residual. Hmmm... well, thanks for that info. It is helpful.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • mmjmmj Posts: 4
    I have a 2004 Volvo S60R in excellent condition that is coming off of lease. I would love to purchase it and then sell it. Is that a good idea? It has maintained it's value and I think it would sell fast. The dealer wants it bad so they can sell it...we got a little inside tip on that information. The problem is I don't know the best way to sell it. Can anyone help.
  • qbrozenqbrozen Posts: 16,892
    what's the purchase price and car details?

    best way to sell a car? well, the pros around here have repeatedly told me to put an ad in the biggest paper around. I've found that too expensive. Honestly, the best bang for the buck I've gotten is through Ebay. 10 days of national full-color advertising for something like $30 is quite the bargain.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • mmjmmj Posts: 4
    Purchase price/buy out option is $21,980.40. Mileage: 34,000; 6 Speed Manual; AWD; 300 HP Turbo Charged 2.5L 5Cyl; Brembo Brakes; Bi-Xenon Headlights; Leather Sport Seats; 18" Titanium Wheels; Premium Sound Package & CD Changer & more.
  • qbrozenqbrozen Posts: 16,892
    hmmm... well, i'm not sure how much you'll make by buying and reselling it. It is up to you if it is worth the trouble. My guess is you might make a grand on it.

    (looked real quick and found a certified one by me with 10k less miles with an asking price of $26,9)

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • volvomaxvolvomax Posts: 5,274
    Here is the problem.
    If you buy out the lease, you will have to pay sales tax on the buyout price.
    That may wipe out any profit you might make.
    Also, in most cases the dealer can buy the car at auction cheaper than the lease co. will sell it to you for.
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